Policy Administration Module
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Beyontec Suite’s underwriting module is a workflow driven solution complimented by a powerful business-rules engine, which also includes all of the features required to quote, bind, policy issuance, endorse, cancel, reinstate, rewrite, renew, non-renew, and review policies, including out-of-sequence endorsements. Underwriting module features many capabilities that will help an insurance company go-to-market with new products quickly and respond to changing market needs efficiently.
Module Highlights
Each feature of the module provides the specific functionality needed to support the business, the way you want to, giving you the independence and freedom needed to run the business . The in-built features enable you to adapt to market trends and requirements with greater speed and agility.
Automated Underwriting
Driven by an automated rating engine, powerful business rules engine and workflow engine, Beyontec Suite is preconfigured with catalogue of business workflow queues to enable Straight-through processing.
Paperless Processing
Communicate with the customers online, in real-time, by sharing with them the digital copies of the documents. Cut down on the usage of paper, make everything completely transparent and accessible.
Customer 360 View
The suite comes with all the modules tightly coupled and integrated, to provide a single view of each policyholder, including personal details, all policy details and premiums, instalment dues, claims details, and receipts.
Instant Quotation
The workflow, rating, and business rules engines work together to automate the process of providing the most optimal quotes, in real-time, based on the customer needs.
Quote Comparison
The system provides an option for comparing quotes for multiple coverage limits. This enables customers to compare and select the most suited policy.
Multi-Channel Support
The suite supports multi-channel operations where customers can be served at the branch offices or using self-service kiosks, or using the online customer portal.
Digital Signature
The system supports digital signature and paperless transactions for faster policy issuance and to become a paperless organization.
Centralised Automated Rating
The suite comes with robust rating definitions to support even the most complex rating algorithms, with reusable logic definitions. It can extend the automated rating process across all products, and channels.
Real-time Dashboards
Dynamic dashboards provide a single-screen view of the customer – policy details, historical transactions, payments and dues etc… making it easy to deliver higher customer experiences.
Multi-Level Approvals
The business rules engine allows insurers to set automated approvals limits or approval levels using the maker, checker and approval model.
In-built API Library (Third Party Integration)
The suite comes with a set of pre-built mandatory integrations/API’s to streamline automation across external systems for real-time processing of applications.
Credit Control
Credit facilities are provided to customers, brokers and validated during policy issuance through credit control across all channels. Authority approvals are obtained for policy issued above the credit limit.
Multi-Currency Support
The application provides option to issue policies in multiple currencies, for both sums insured and premium. The application captures both foreign currency and local reserve currency values for both sums insured and premiums.
Risk Accumulation and Management
Accurately review and analyse individual and accumulated risks by building, street, area, city or country before taking business decisions on quotations or policy issuance.
